Stiles buys land, scores financing for Monarch Town Center

Project will consist of 169K sf of retail space in Miramar

Miami /
Dec.December 26, 2018 05:30 PM

Plans for Monarch Town Center and Kenneth Stiles

Stiles Corp. just bought the land for its planned Monarch Town Center, a grocery-anchored retail development in Miramar.

Property records show the Fort Lauderdale-based developer paid $15.3 million for 22.5 acres of land at the northwest corner of Miramar Parkway and Flamingo Road. In conjunction with the deal, Stiles also secured $38.3 million in construction financing from Wells Fargo.

Attorney Frank A. Ferraro represented the selling entity, Miramar Investment Partners. Previous sale information was not available online.

Over the summer, Stiles submitted plans to the city government for the shopping center development. The site plan was approved by the Miramar City Commission in October.

Stiles is developing a number of projects in Broward County. In November, Stiles secured $204 million in financing for its Main Las Olas project in Fort Lauderdale. The firm is developing the 2.7-acre development with partner Shorenstein Properties. It will consist of 357,000 square feet of Class A office space, a 341-unit apartment tower, restaurants and retail space once completed.


Related Articles

arrow_forward_ios
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
Stiltsville (Wikimedia Commons)
One of few remaining Stiltsville homes destroyed in fire
One of few remaining Stiltsville homes destroyed in fire
12301 West Sunrise Boulevard with Raanan Katz, Bob Barth, Zach Zalben and Stanley Black (Google Maps, Linkedin, Getty)
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
From top: Ruben Lujo from Broward Meat, SunCap's Scott Auker and Ross Realty's Barry Ross with Penn Dutch Plaza shopping center in Margate (Linkedin, Google Maps)
Part of Margate shopping center formerly anchored by Penn Dutch sells for $12M
Part of Margate shopping center formerly anchored by Penn Dutch sells for $12M
Costco CEO Craig Jelinek and 8300 Park Boulevard, Miami (Costco, Google Maps, iStock)
Costco sells site near Doral to Trammell Crow for $19M
Costco sells site near Doral to Trammell Crow for $19M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...